MANILA, Philippines — President Ferdinand Marcos Jr. approved the reduction in the tariffs on rice, coal, and other basic commodities, National Economic and Development Authority (Neda) Secretay Arsenio Balisacan said on Tuesday.
Balisacan said the President, who chairs the Neda board, approved the new Comprehensive Tariff Program for 2024-2028, which calibrates tariff rates until 2028.
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“For rice, one of the most critical components of Filipino households’ consumption baskets, the Neda Board agreed to reduce the duty rate to 15 percent for both in-quota and out-quota rates from 35 percent until 2028,” said Balisacan in a Palace briefing.
The Board has also approved the CTRM’s (Committee on Tariff and Related Matters) recommendation to reduce the tariff on certain chemicals and coal briquettes to improve energy security and reduce input costs, he said.
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Balisacan said the tariff reduction on coal will help ensure its availability at reasonable prices, thus supporting more stable electricity prices and supply in the country.
The CTRM is under the Neda, with the Trade Secretary serving as its chairperson.
The tariff rates on corn, pork, mechanically deboned meats, sugar, vegetables such as onions, shallots, garlic, broccoli, carrots, cabbage, lettuce, sweet potatoes, cassava, coffee substitutes, complete feeds, and feed preparations will remain the same.